ACC 675 Milestone One

ACC 675 Milestone One

Author: willi padro


Companies today must ensure that operational processes are performing efficiently and effectively in compliance with current regulations. Accountants must adhere to domestic standards set by organizations—such as the Public Company Accounting Oversight Board and the Financial Accounting and Standards Board—as well as global standards, such as the International Financial Reporting Standards, requiring appropriate implementation and assessment of internal controls. Whether developing appropriate processes internally or preparing substantive testing, external auditors must be able to quickly and completely assess the financial processes, determine weaknesses, and provide recommendations for improvement.
The ability to transcribe formalized or narrative processes into functional workflows allows an auditor to identify potential gaps in accounting systems. These gaps can result in material audit findings necessitating changes in the company’s control structure.
However, it is not only the process and flow of transactions that requires scrutiny. Companies evolve into sophisticated, computerized systems that require an indepth understanding of administrative rights, electronic process flows, and end user reporting.
In this case study, you will apply all of these skills in developing recommendations for Trinity Industries. Though the Sarbanes–Oxley Act of 2002 (SOX) promulgated many internal control structure changes, the company is unsure as to whether they are applying too few or too many internal controls. Unnecessary controls place added burden on staff and cost the company thousands of dollars in monitoring and maintenance. 
For Milestone One, prepare an overview of Trinity Industries. Provide an overview of the company and its market industry. Include background, key market demographics, financial position, and governance policies in your company overview. By understanding the industry, you will gain valuable insight into the appropriate software systems that will provide industry-specific needs and financial reporting. You will need this information to conduct your case study
Prompt: Provide a company overview report of Trinity Industries and its market industry, including background, key market demographics, financial position, and governance policies.
Specifically, the following critical elements must be addressed:
Address the following seven subjects:a) Overview of the organizationb) Size of the organizationc) Sector/industry (along with three other companies that would be comparable)d) Structure/line of businessese) Organizational structure (organization chart)f) Yearly performance in terms of revenue (as compared with the three other companies identified)g) Management and culture (i.e., how long key staff has been employed, stability of the company over the history, growth in industry)
Guidelines for Submission: Your company overview report must be submitted as a 1–2-page Word document with double spacing, 12-point Times New Roman font, one-inch margins, and at least three sources cited in APA format.

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